Montrose Company

Income Statement
For the month ended January 31, 2022

Revenues and Gains

Sales Revenues Php 100,000

Interest Revenues 5,000
Gain on Sales of Assets 3,000

Total Revenues and Gains 108,000

Expenses

Cost of Goods Sold 75,000

Commissions Expense 5,000
Office Supplies Expense 3,000
Office Equipment Expense 3,000
Advertising Expense 2,000
Interest Expense 500
Utilities Expense 7,000

Total Expenses 95,500

Net Income or Loss Php 12,500

(Total Revenues and Gains – Total Expenses)